Rigel Pharmaceuticals (NASDAQ:RIGL) Upgraded at StockNews.com

StockNews.com upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a hold rating to a buy rating in a report issued on Friday.

Several other brokerages have also recently weighed in on RIGL. Citigroup boosted their target price on Rigel Pharmaceuticals from $30.00 to $40.00 and gave the stock a buy rating in a report on Thursday, March 7th. HC Wainwright reissued a buy rating and set a $150.00 price objective on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 25th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Rigel Pharmaceuticals currently has an average rating of Moderate Buy and a consensus price target of $58.13.

Rigel Pharmaceuticals Stock Performance

NASDAQ:RIGL opened at $7.87 on Friday. Rigel Pharmaceuticals has a fifty-two week low of $7.12 and a fifty-two week high of $17.30. The company has a fifty day moving average of $9.52 and a two-hundred day moving average of $11.89. The stock has a market capitalization of $138.20 million, a PE ratio of -6.56 and a beta of 0.96.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.20). The company had revenue of $29.53 million during the quarter, compared to analysts’ expectations of $31.28 million. During the same period last year, the firm earned ($0.80) EPS. Research analysts forecast that Rigel Pharmaceuticals will post -1.33 earnings per share for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Rigel Pharmaceuticals by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after purchasing an additional 414,207 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in Rigel Pharmaceuticals by 18.2% in the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock valued at $8,086,000 after purchasing an additional 843,419 shares during the last quarter. CM Management LLC boosted its holdings in Rigel Pharmaceuticals by 17.6% in the 1st quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $2,960,000 after purchasing an additional 300,000 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Rigel Pharmaceuticals in the 1st quarter valued at about $2,012,000. Finally, GSA Capital Partners LLP boosted its holdings in Rigel Pharmaceuticals by 170.9% in the 3rd quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company’s stock valued at $1,049,000 after purchasing an additional 612,815 shares during the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company's commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.